Company registration number:
10043006
Judicare Law International Limited
Unaudited filleted financial statements
31 August 2018
JUDICARE LAW INTERNATIONAL LIMITED
Contents
Statement of financial position
Notes to the financial statements
JUDICARE LAW INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 AUGUST 2018
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31/08/18
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31/08/17
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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4
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200
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400
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_______
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_______
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200
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400
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Current assets
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Debtors
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5
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389
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1,917
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Cash at bank and in hand
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176,792
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165,193
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_______
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_______
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177,181
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167,110
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Creditors: amounts falling due
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within one year
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6
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(
149,515)
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(
110,682)
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_______
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_______
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Net current assets
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27,666
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56,428
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_______
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_______
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Total assets less current liabilities
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27,866
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56,828
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Provisions for liabilities
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(
38)
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(
76)
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_______
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_______
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Net assets
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27,828
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56,752
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_______
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_______
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Capital and reserves
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Called up share capital
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100
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100
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Profit and loss account
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7
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27,728
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56,652
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_______
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_______
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Shareholders funds
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27,828
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56,752
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_______
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_______
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For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
31 January 2019
, and are signed on behalf of the board by:
Mr N A Heaney
Director
Company registration number:
10043006
JUDICARE LAW INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3a The Grange, 3 Codicote Road, Welwyn, Hertfordshire, AL6 9LY.
Principal activity
The principal activity of the company is that of a Solicitor carrying out legal activities.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Computer equipment
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-
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33 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Tangible assets
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Computer equipment
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Total
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£
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£
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Cost
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At 1 September 2017 and 31 August 2018
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600
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600
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_______
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_______
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Depreciation
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At 1 September 2017
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200
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200
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Charge for the year
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200
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200
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_______
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_______
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At 31 August 2018
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400
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400
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_______
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_______
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Carrying amount
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At 31 August 2018
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200
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200
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_______
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_______
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At 31 August 2017
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400
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400
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_______
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_______
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5.
Debtors
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31/08/18
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31/08/17
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£
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£
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Other debtors
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389
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1,917
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_______
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_______
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6.
Creditors: amounts falling due within one year
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31/08/18
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31/08/17
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£
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£
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Bank loans and overdrafts
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-
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1,823
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Accruals and deferred income
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4,232
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3,800
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Social security and other taxes
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25,160
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36,215
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Other creditors
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120,123
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68,844
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_______
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_______
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149,515
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110,682
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_______
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_______
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7.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company:
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Loans to / (from) directors at 1 September 2017
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Loans to / (from) the directors
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Balance at 31 August 2018
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£
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£
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£
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Directors
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(
295)
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(
44,082)
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(
44,377)
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_______
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_______
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_______
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Loans to / (from) directors at 1 September 2016
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Loans to / (from) the directors
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Balance at 31 August 2017
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£
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£
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£
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Directors
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-
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(
295)
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(
295)
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_______
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_______
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_______
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9.
Related party transactions
During the period the company received a loan from another company of which one of the directors had a controlling interest. The loan amounted to nil (2017: £50,000) and costs of £1,912 (2017: £23,549) were also incurred on behalf of
Judicare Law International Limited
.At the year end £50,461 (2017: £68,549) was outstanding. The loan is interest free and repayable on demand.